2025年，A股资本市场迎来了再融资市场的结构性复苏，其中定增作为上市公司重要的股权融资方式，呈现出大幅增长态势。一方面，继续优化审核流程， 支持符合国家战略的优质项目；另一方面，对信息披露、募投项目合理性、承诺履行的监管将更加严格和精细化。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2025年，A股定增市场回暖，合计有 172个项目发行（按上市日统计，含定增收购，收购、募集配套资金分别算一个项目，下同），累计募资8877.318亿 元，发行数量及募资金额分别较2024年增长18.62%、412.99%。 审核层面，2025年合计有130家纯定增项目上会，全部过会，过会率为100%。2025年共有41家并购重组项目上会接受审核40家顺利过会，名义过会率为 97.56%。 尽管2025年纯定增项目全部过会，并购重组过会率高达97.56%，但仍有220家项目终止定增过程。其中，华创证券、太平洋纯定增项目的撤否率高达100%。 定增发行情况：10家企业募资不及预期中信证券承销占 ...

Core Viewpoint - Changhong High-Tech plans to inject Guangxi Changke into its operations, raising questions about whether this move is driven by a need for new narratives or project fundraising. The company has over 10 billion yuan in investment projects but faces significant short-term financial pressure due to high debt levels and limited cash reserves. Notably, while revenue has rapidly increased, gross margins have significantly declined, prompting concerns about the authenticity of the underlying data [1][2][10]. Group 1: Acquisition and Financial Health - The acquisition of Guangxi Changke, a high-tech enterprise focused on specialty synthetic resin materials, is intended to enhance Changhong's profitability and market competitiveness. However, Guangxi Changke's financial performance remains weak, with projected revenues of 668 million yuan in 2023 and a net loss of 335.97 million yuan [5][6]. - Changhong High-Tech's financial situation is precarious, with short-term debts exceeding 1.5 billion yuan and long-term debts nearing 1.4 billion yuan, while cash reserves stand at only 402 million yuan [8][10]. - The company has significant capital expenditure needs, including a 6.3 billion yuan investment in a biodegradable materials project and a 50 billion yuan investment in a new materials industrial park [9][10]. Group 2: Revenue and Profitability Concerns - Changhong High-Tech's revenue has surged from 1.733 billion yuan in 2021 to an expected 3.634 billion yuan in 2024, yet net profits have plummeted, with a reported 84.34% decline in net profit for the first three quarters of 2023 [13][16]. - The company's gross margin has drastically decreased from over 20% before its IPO to just 7.86% in Q3 2025, raising questions about the sustainability of its revenue growth [16][17]. - The introduction of new trade business has contributed to revenue growth but at the cost of lower margins, indicating a potential risk in the quality of earnings [15][26]. Group 3: Customer Relationships and Related Party Transactions - Changhong High-Tech's major customers have shown volatility, with significant changes in customer relationships, including the cancellation of a major customer in early 2023 [19][21]. - The new major customer, Ningbo Yinzhou Bot Polymer New Materials Co., Ltd., appears to have connections with Changhong's controlling shareholder, raising concerns about the transparency of these transactions [21][24]. - The company has engaged in related party transactions without timely disclosure, which may violate regulatory requirements and further complicate its financial integrity [25].

公告显示，舟山大星与舟山大宏作为公司控股股东、实际控制人黄卫斌的一致行动人，因持股平台股东 资金需求，于2026年1月5日实施了本次减持。减持方式包括集中竞价交易和大宗交易，合计减持股份数 量为2,987,000股，占公司总股本的0.74%。 火星人厨具股份有限公司（以下简称"火星人厨具"或"公司"）于近日披露，公司控股股东、实际控制人 的一致行动人舟山大星企业管理咨询合伙企业（有限合伙）（以下简称"舟山大星"）和舟山大宏企业管 理咨询合伙企业（有限合伙）（以下简称"舟山大宏"）于2026年1月5日通过集中竞价交易与大宗交易方 式合计减持公司股份298.7万股，导致控股股东及其一致行动人持股比例从61.31%降至60.57%，权益变 动触及1%的披露阈值。 本次减持系履行公司于2025年9月12日披露的《关于控股股东、实际控制人的一致行动人减持股份的预 披露公告》（公告编号：2025-053）中的减持计划，减持数量在已披露计划范围内，未超出预先披露的 减持上限。 登录新浪财经APP 搜索【信披】查看更多考评等级 权益变动：控股股东及其一致行动人持股比例降至60.57% 本次减持后，公司控股股东及其一致行动人合 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 福立旺精密机电（中国）股份有限公司（下称"福立旺"）于2026年1月7日披露控股股东减持计划公告， 公司控股股东WINWIN OVERSEAS GROUP LIMITED（下称"WINWIN"）因自身资金需求，拟在未来3 个月内通过集中竞价及大宗交易方式合计减持不超过780万股，占公司总股本的2.9977%。本次减持不 会导致公司控制权变更，亦不会对持续经营产生重大影响。 减持主体及持股情况 截至公告披露日，WINWIN持有福立旺103,760,407股股份，占公司总股本的39.8773%，为公司第一大 股东。其持股来源包括两部分：IPO前取得的70,408,862股，以及通过资本公积转增股本取得的 33,351,545股，上述股份均为无限售条件流通股。 作为公司控股股东，WINWIN并非首次减持。公告显示，在过去12个月内，该股东已于2025年5月24日 至29日通过集中竞价交易减持1297万股，占当时公司总股本的5%，减持价格为17.66元/股。 减持计划具体内容 根据公告，WINWIN本次减持计划分为集中竞价和大宗交易两种方式，具体安排如下：集中竞价减持 ...

1月6日，佳力奇收跌0.46%，收盘价为49.62元，发生2笔大宗交易，合计成交量18万股，成交金额 717.84万元。 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为2698.38万元。该股近5个交易日累 计上涨4.84%，主力资金合计净流入1809.64万元。 第1笔成交价格为39.88元，成交10.00万股，成交金额398.80万元，溢价率为-19.63%，买方营业部为东 兴证券股份有限公司成都都江堰市彩虹大道证券营业部，卖方营业部为西部证券股份有限公司西安长安 中路证券营业部。 第2笔成交价格为39.88元，成交8.00万股，成交金额319.04万元，溢价率为-19.63%，买方营业部为东兴 证券股份有限公司成都都江堰市彩虹大道证券营业部，卖方营业部为西部证券股份有限公司西安长安中 路证券营业部。 责任编辑：小浪快报 ...

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为1485万元。该股近5个交易日累计 上涨1.04%，主力资金合计净流出2409.9万元。 责任编辑：小浪快报 1月6日，蓝宇股份收涨0.42%，收盘价为31.03元，发生1笔大宗交易，合计成交量60万股，成交金额 1485万元。 第1笔成交价格为24.75元，成交60.00万股，成交金额1,485.00万元，溢价率为-20.24%，买方营业部为长 城证券股份有限公司杭州文一西路证券营业部，卖方营业部为国信证券股份有限公司金华光南路证券营 业部。 ...

1月6日，英思特收涨0.26%，收盘价为66.08元，发生23笔大宗交易，合计成交量102.04万股，成交金额 6053.01万元。 第1笔成交价格为59.32元，成交5.00万股，成交金额296.60万元，溢价率为-10.23%，买方营业部为东方 财富证券股份有限公司拉萨团结路第一证券营业部，卖方营业部为华泰证券股份有限公司深圳平安金融 中心证券营业部。 第2笔成交价格为59.32元，成交3.38万股，成交金额200.50万元，溢价率为-10.23%，买方营业部为机构 专用，卖方营业部为华泰证券股份有限公司深圳平安金融中心证券营业部。 第3笔成交价格为59.32元，成交8.50万股，成交金额504.22万元，溢价率为-10.23%，买方营业部为机构 专用，卖方营业部为华泰证券股份有限公司深圳平安金融中心证券营业部。 第4笔成交价格为59.32元，成交3.38万股，成交金额200.50万元，溢价率为-10.23%，买方营业部为机构 专用，卖方营业部为华泰证券股份有限公司深圳平安金融中心证券营业部。 第5笔成交价格为59.32元，成交3.38万股，成交金额200.50万元，溢价率为-10.23%，买方营业部为机 ...

1月6日，黄山谷捷收涨0.08%，收盘价为48.53元，发生6笔大宗交易，合计成交量34.4万股，成交金额 1444.91万元。 第1笔成交价格为41.75元，成交4.80万股，成交金额200.40万元，溢价率为-13.97%，买方营业部为甬兴 证券有限公司宁波分公司，卖方营业部为国元证券股份有限公司黄山分公司。 第2笔成交价格为42.19元，成交5.00万股，成交金额210.95万元，溢价率为-13.06%，买方营业部为机构 专用，卖方营业部为国元证券股份有限公司黄山分公司。 第6笔成交价格为41.75元，成交4.80万股，成交金额200.40万元，溢价率为-13.97%，买方营业部为华泰 证券股份有限公司广东分公司，卖方营业部为国元证券股份有限公司黄山分公司。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为1444.91万元。该股近5个交易日累 计上涨2.99%，主力资金合计净流出1261.99万元。 责任编辑：小浪快报 第3笔成交价格为42.19元，成交4.80万股，成交金额202.51万元，溢价率为-13.06%，买方营业部为红塔 证券股份有限公司厦门鹭江道证券营业部，卖方营业部为国元 ...

Core Insights - The company is focusing on the development of the "Dianhong" IoT operating system, which is the first domestic power IoT operating system based on the national open-source system, generating revenue through the sale of core modules and customized technical services [2] - The "Spatiotemporal Intelligent Digital Twin" project has a total investment of approximately 3.40 billion yuan, aimed at enhancing decision-making efficiency and management levels in the energy sector through digital twin simulations [3] - The digital infrastructure business is aimed at providing customized digital transformation technology for large state-owned enterprises, with a focus on optimizing cloud services and building data centers to support distributed computing needs [4] - As of June 30, 2025, the company reported a total order backlog of 8.037 billion yuan, with non-related customer orders at 810 million yuan, indicating growth in major customer investments despite potential revenue fluctuations due to project delivery schedules [5] Group 1 - The "Dianhong" IoT operating system is expected to expand its market share in the power grid sector through an open technology platform and collaborative mechanisms [2] - The digital twin project will not adopt a one-time sales model but will generate continuous revenue through platform operation services and customized application development [3] Group 2 - The company aims to strengthen its digital infrastructure by enhancing the South Grid Cloud and building a "3+1+X" cloud data center, along with accelerating the construction of edge computing centers [4] - The company plans to leverage its experience in the digital transformation of the power industry to gradually expand its business areas beyond the domestic market [5]

Core Viewpoint - Songcheng Performance Development Co., Ltd. has completed its first share buyback on January 5, 2026, repurchasing 1.222 million shares, which accounts for 0.05% of the total share capital, with a total expenditure of approximately 10.0019 million yuan [1][2]. Group 1: Buyback Details - The buyback was executed at a price range of 8.17 yuan to 8.20 yuan per share [1][2]. - The buyback plan was approved during the board meeting on December 9, 2025, and the extraordinary shareholders' meeting on December 25, 2025, with a total buyback fund set between 100 million yuan and 200 million yuan [1][2]. - The buyback is intended for share cancellation and reduction of registered capital, with a maximum buyback price set at 12.00 yuan per share and a duration of six months from the approval date [1][2]. Group 2: Compliance and Future Plans - The company adhered to the regulations outlined in the Shenzhen Stock Exchange's self-regulatory guidelines for share buybacks, ensuring no buyback occurred during sensitive periods [2]. - The company plans to continue the buyback according to market conditions within the specified timeframe and will fulfill its information disclosure obligations as required by law [2].